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Shoprite guilty of reckless lending

The National Consumer Tribunal has imposed a fine of R1 million against Shoprite.

A Shoprite store. Picture: Wikicommons

JOHANNESBURG - Shoprite has been found guilty of reckless lending.

The National Credit Regulator found that the retail giant entered into credit agreements with consumers without conducting reasonable and objective assessments of consumers ability to afford loans.

The National Consumer Tribunal has imposed a fine of R1 million against Shoprite and has also ordered the retailer to appoint a debt counsellor at its own costs, to assess if the consumers are over-indebted.

(Edited by Shimoney Regter)